Spring in Teton Valley
Spring has arrived in Teton Valley & the Real Estate market has been very active. The Sandhill Cranes can be heard throughout the valley, and our trails in the National Forest are drying up. It is great to see friends on the trails and rivers as the sunshine gets us out to enjoy the many recreational activities our valley has to offer. The Driggs farmer’s market starts for the summer season on June 15. Another amazing event that the valley looks forward to is Music on Main, which hosts its first Thursday free music event on June 21.
1st Quarter Real Estate Volume
Interestingly, we start the 1st quarter of 2018 with real estate down in total dollar sales volume when compared to the 1st quarter of 2017. We would attribute a part of this decrease in the lack of inventory. In Victor, there are currently only 4 homes under $400,000 and in Driggs there are only 7 homes in this price range.
Single Family Homes Continue to Increase in Value
As a result of this very limited inventory of Single-Family Homes in Teton Valley this area of our real estate market saw the largest increase in average price. The average home sale price of a home in 2017 was $428,000. In the first quarter of 2018 the average sales price jumped to $500,000. Of the homes sold, 45% where under $400,000. Half of the homes that sold over $400,000 were in the three Resort/Golf Communities (Teton Springs, Huntsman Springs and Teton Reserve) of our valley.
Building Costs Rising
The costs of materials and labor are rising thus the average square foot cost to build has steadily been increasing as well. The average price per square foot at $192/sq. ft. as a result, it is still a better buy to purchase a home versus building if you can find a home to fit your needs.
Townhome and Condominium Market
The townhome and condominium market saw a price adjustment in the first quarter of 2018 when comparing the average price per unit in 2017. The average price per unit decreased from $251,000 in 2017 to $238,000 per unit in the first quarter of 2018. We saw a very limited inventory of townhomes and condos through the winter. We have seen an increase of inventory in the last month.
Single Family Home Lots See Largest Gain
The single-family lot average price saw the largest percentage of gain in total number of lots sold when comparing the first quarter of 2018 to the first quarter of 2017. In 2016 the total number of lots sold was 25 compared to 43 this quarter. Consequently, this substantial increase can be directly attributed to the lack of residential inventory and Buyers opting to build.
Please call Grand Targhee Realty for a complete inventory of the properties in Teton Valley. We can easily provide a Broker Price Opinion if you are considering the sale of your property. If you are thinking of pursuing a Teton Valley sale or investment acquisition, we look forward to working with you.